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Allowance for Credit Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | ---
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | Dec. 31, 2023
Allowance for Credit Losses |  |  |  |  |
Beginning balance | $ 1,269,652 | $ 1,364,716 | $ 1,339,772 | $ 1,357,075 | $ 1,357,075
Transfer from unfunded commitment liability | 115,421 | 101,687 | 276,750 | 278,388 |
Provision for current period | 113,564 | 45,089 | 280,544 | 199,084 |
Loan sale reduction to provision |  |  | (235,955) | (136,531) |
Total provisions | 113,564 | 45,089 | 44,589 | 62,553 |
Net charge-offs: |  |  |  |  |
Charge-offs | (87,868) | (105,137) | (273,033) | (315,353) |
Recoveries | 11,149 | 9,693 | 33,840 | 33,385 |
Net charge-offs | (76,719) | (95,444) | (239,193) | (281,968) |
Write-downs arising from transfer of loans to held for sale | (8,297) |  | (8,297) |  |
Ending Balance | 1,413,621 | 1,416,048 | 1,413,621 | 1,416,048 | 1,339,772
Allowance |  |  |  |  |
Ending balance: collectively evaluated for impairment | 1,413,621 | 1,416,048 | 1,413,621 | 1,416,048 |
Loans |  |  |  |  |
Ending balance: collectively evaluated for impairment | 21,777,466 | 22,235,176 | 21,777,466 | 22,235,176 |
Accrued interest to be capitalized |  |  |  |  |
Ending balance: collectively evaluated for impairment | 1,390,774 | 1,283,388 | 1,390,774 | 1,283,388 |
Other impacts to the provisions for credit losses: | 4,368 | 666 | 4,010 | 2,225 |
Provisions for credit losses reported in consolidated statements of operations | 271,465 | 198,023 | 300,336 | 329,864 |
FFELP Loans |  |  |  |  |
Allowance for Credit Losses |  |  |  |  |
Beginning balance | 4,060 | 4,422 | 4,667 | 3,444 | 3,444
Transfer from unfunded commitment liability | 0 | 0 | 0 | 0 |
Provision for current period | 4,368 | 666 | 4,010 | 2,225 |
Loan sale reduction to provision |  |  | 0 | 0 |
Total provisions | 4,368 | 666 | 4,010 | 2,225 |
Net charge-offs: |  |  |  |  |
Charge-offs | (131) | (272) | (380) | (853) |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | (131) | (272) | (380) | (853) |
Write-downs arising from transfer of loans to held for sale | (8,297) |  | (8,297) |  |
Ending Balance | 0 | 4,816 | 0 | 4,816 | 4,667
Allowance |  |  |  |  |
Ending balance: collectively evaluated for impairment | 0 | 4,816 | 0 | 4,816 |
Loans |  |  |  |  |
Ending balance: collectively evaluated for impairment | 0 | 554,309 | 0 | 554,309 |
Accrued interest to be capitalized |  |  |  |  |
Ending balance: collectively evaluated for impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Net charge-offs as a percentage of average loans in repayment (annualized) | 0.00% | 0.25% | 0.00% | 0.26% |
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized | 0.00% | 0.87% | 0.00% | 0.87% |
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment | 0.00% | 1.15% | 0.00% | 1.15% |
Allowance coverage of net charge-offs (annualized) | 0 | 4.43 | 0 | 4.23 |
Ending total loans, gross | $ 0 | $ 554,309 | $ 0 | $ 554,309 |
Average loans in repayment | 0 | 428,028 | 0 | 440,716 |
Ending loans in repayment | 0 | 418,022 | 0 | 418,022 |
Accrued interest to be capitalized on loans in repayment | 0 | 0 | 0 | 0 |
Other impacts to the provisions for credit losses: | 4,368 | 666 | 4,010 | 2,225 |
Private Education Loans |  |  |  |  |
Allowance for Credit Losses |  |  |  |  |
Beginning balance | 1,265,592 | 1,360,294 | 1,335,105 | 1,353,631 | 1,353,631
Transfer from unfunded commitment liability | 115,421 | 101,687 | 276,750 | 278,388 |
Provision for current period | 109,196 | 44,423 | 276,534 | 196,859 |
Loan sale reduction to provision |  |  | (235,955) | (136,531) |
Total provisions | 109,196 | 44,423 | 40,579 | 60,328 |
Net charge-offs: |  |  |  |  |
Charge-offs | (87,737) | (104,865) | (272,653) | (314,500) |
Recoveries | 11,149 | 9,693 | 33,840 | 33,385 |
Net charge-offs | (76,588) | (95,172) | (238,813) | (281,115) |
Write-downs arising from transfer of loans to held for sale | 0 |  | 0 |  |
Ending Balance | 1,413,621 | 1,411,232 | 1,413,621 | 1,411,232 | $ 1,335,105
Allowance |  |  |  |  |
Ending balance: collectively evaluated for impairment | 1,413,621 | 1,411,232 | 1,413,621 | 1,411,232 |
Loans |  |  |  |  |
Ending balance: collectively evaluated for impairment | 21,777,466 | 21,680,867 | 21,777,466 | 21,680,867 |
Accrued interest to be capitalized |  |  |  |  |
Ending balance: collectively evaluated for impairment | $ 1,390,774 | $ 1,283,388 | $ 1,390,774 | $ 1,283,388 |
Net charge-offs as a percentage of average loans in repayment (annualized) | 2.08% | 2.53% | 2.13% | 2.44% |
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized | 6.10% | 6.15% | 6.10% | 6.15% |
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment | 8.91% | 8.84% | 8.91% | 8.84% |
Allowance coverage of net charge-offs (annualized) | 4.61 | 3.71 | 4.44 | 3.77 |
Ending total loans, gross | $ 21,777,466 | $ 21,680,867 | $ 21,777,466 | $ 21,680,867 |
Average loans in repayment | 14,708,205 | 15,023,993 | 14,944,421 | 15,358,596 |
Ending loans in repayment | 15,360,255 | 15,505,145 | 15,360,255 | 15,505,145 |
Accrued interest to be capitalized on loans in repayment | 513,121 | 464,807 | 513,121 | 464,807 |
Provisions for loan losses | 109,196 | 44,423 | 40,579 | 60,328 |
Provisions for unfunded loan commitments | 157,901 | 152,934 | 255,747 | 267,311 |
Total Private Education Loan provisions for credit losses | $ 267,097 | $ 197,357 | $ 296,326 | $ 327,639 |

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